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Know Your Risk Management

By: Sallie Deitz
Posted: June 2, 2009, from the June 2009 issue of Skin Inc. magazine.

page 6 of 12

Along with the countless details an owner of a spa, clinic, salon or other skin care facility has to manage, it is necessary to maintain a proactive, transparent risk management program that may involve multiple layers. Undoubtedly, having a few risk management techniques handy is great for every forward-thinking, entrepreneurial business owner.

Have compassion for your business by remaining detached. This sounds like something out of a New Age seminar, but in reality, everyone has made emotional decisions about their business because they somehow believe it is their baby. Sometimes a business needs to grow up. Get outside help if you find you do not have objectivity about your business. Local small-business development centers often offer free support and can offer business assistance that will inevitably minimize risks with everything from financial matters to having employees sign noncompete agreements. The more impartial you can be about your business, the more precise your decisions will be in providing for its sustenance.

Trust your gut. When you have that negative, gut-level feeling about a client, employee or vendor, trust it. Many people often can look back at a circumstance or incident that has created a business problem and recall something that just did not feel right. It is important to safeguard your intuition.

Know when you need outside help. If you get into a crisis with an employee and a resolution is not in sight, bring in a qualified mediator. Sometimes you may hit a wall with someone, or the situation could become too hurtful or depressing to deal with effectively. These are both good reasons to hire a mediator. Sometimes it can be a lengthy proposition, but it might be money well-spent in the long run. Through the process, you may discover unhealthy patterns repeating within your operations that are crying for a call to action. It can be difficult to look at your own shortcomings, but it’s necessary.

Make certain the equipment that you are using is covered by liability insurance. You may find that while your waxing services, microdermabrasion and chemical peels are covered, permanent cosmetic applications or electrolysis may not be. Checking with your state laws, rules and regulations is essential to remain compliant and official as well. Due diligence goes a long way to avoid expensive course corrections.

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